Applications for the third Self-Employment Income Support Scheme (SEISS) grant opened from 30 November, and you have until   29 January 2021 to make a claim. Be warned, however, that some of the conditions for this grant are different from those applicable to the previous grants.
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Due to Covid-19, you must either:

• Be currently trading but impacted by reduced demand, or

• Have been trading but are temporarily unable to do so.

This status must be met during the period 1 November 2020 to 29 January 2021.

Additionally, you must declare that:

• You intend to continue to trade, and
• You reasonably believe there will be a significant reduction in your trading profits.

Make sure you keep evidence showing how your business has been unable to operate as normal due to Covid-19, so that your case for a loan is robust. The criteria are defined as follows.

• Reduced demand – You have fewer customers or clients than you would normally expect, or contracts have been cancelled and not replaced. Simply having increased costs is not a reason for making a claim.
• Temporarily unable to trade – Your business has had to close due to government restrictions, or you have been instructed to shield, self-isolate, have tested positive for Covid-19 or cannot work due to parental caring responsibilities. You cannot claim if you can work from home or have to self-isolate after going abroad.
• Significant reduction – There must be a reduction in your trading profit for the whole accounting period, not just between 1 November and 29 January 2021. If you prepare accounts to 31 March or 5 April this shouldn’t be too difficult to establish, although there is a disincentive to work longer hours to make up lost income. It is impossible to apply if you are just starting your accounting period with, say, a 31 October 2021 year end, but it seems likely that HMRC will overlook this as profits will not be reported until 31 January 2023. The first two SEISS grants must be included in your 2020/21 trading profit.

HMRC has further guidance on what is meant by reduced demand and temporary closure, along with some examples. 
If you are planning on applying for the third SEISS grant and need clarification, please get in touch

With under one month to go until the Brexit transition period ends, just one in five businesses have a good understanding of the risks and enough preparations in place, according to a survey by one of the largest accountancy firms EY. Many firms believe that after some initial challenges, business as usual will resume soon after 1 January 2021.
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Whether or not the UK and EU succeed in negotiating a trade deal, there will be massive changes to the UK’s trading, regulatory and immigration systems. Business disruptions are guaranteed, and it is still unclear how many new processes will work effectively.
Businesses that trade goods with the EU will be significantly affected, regardless of whether there is a trade deal. And getting ready for the new processes takes time. Businesses that trade with Europe will have to make customs declarations for, and pay the relevant tariffs on, goods moved between the UK and Europe. You may need to take advantage of one of the specialist services available to complete the often-complex forms. Some businesses may be able to delay declarations and duty payments, but there are conditions.
Moving goods between Great Britain and Northern Ireland will be subject to special rules under the Northern Ireland Protocol. Businesses involved in such trade can sign up to a free government trader support service but need to be preparing now.
There will also be new rules for providing services. If you rely on professional qualifications to practice in the EU, you may need to act to get them recognized by EU regulators. You may need a work permit or visa if you travel on business to the EU and Brexit will also affect the cross-border transfer of personal data.
It will be more difficult for businesses to hire workers from the EU. A points-based immigrations system will treat EU and non-EU citizens equally and only businesses registered as licensed sponsors will be able to hire non-UK workers.
Opportunities to supply the public sector in the UK will be advertised on a new UK internet portal instead of on the EU Tenders Electronic Daily.
The UK will also leave EU intellectual property systems, and this will affect how the rules for trademarks and designs operate. You may have to take steps to ensure your intellectual property is protected in your main markets.
These are just some of the known changes. It is essential that businesses watch out for announcements of changes to UK and EU guidance and be ready to act upon them. Further information on some of these issues is available at https://www.gov.uk/transition.

HMRC has launched an online portal to help taxpayers claim tax relief for working from home during the pandemic.
From 6 April 2020, employees can claim a tax-free amount of £6 a week to cover the additional costs of working from home. For a basic rate taxpayer, this works out to tax relief of £62.40 over the course of 2020/21, with relief of £124.80 for a higher rate taxpayer.
Taxpayers do not have to provide any evidence, such as increased bills, to support the £6 a week claim.




​What to claim
For 2020/21, HMRC, in recognition of the unusual circumstances, are generously permitting a claim for the entire year regardless of how many weeks you are required to work from home. It doesn’t matter if you only work at home one or two days a week. If two or more people work from the same home, then each person is entitled to make a claim.
The amount to claim for 2020/21 is £312 (52 weeks at £6). The online portal can also be used to claim for the final two weeks of 2019/20 after the lockdown commenced.
The online portal
There are two circumstances when the online portal is not applicable:

• When your employer is reimbursing the £6 a week allowance – you are already benefiting from the tax-free amount.
• If you complete a self-assessment tax return – the expense claim should instead be made on the return.

Do not expect a tax refund once an online claim is made. Relief is given by adjusting your PAYE coding, so this will reduce PAYE over the remainder of 2020/21.
You can check here if you are entitled to claim work-related expenses, and then, if entitled, proceed with a claim.